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The price of wasting time

The TQM Magazine

ISSN: 0954-478X

Article publication date: 1 February 1992


Explains the reasons why failure cost analysis should be carried out for a banking organization. Details a case study of a Dutch bank and the method used to carry out a failure cost analysis: defining, measuring and reducing the different kinds of failure costs. Provides, for each of these three stages, an in‐depth explanation of how the process was carried out. Concludes that in other organizations with labour‐intensive administrative processes, the method can be used to reduce costs in the same way, with the added benefit of increased employee and customer satisfaction.



Thomassen, J. and van der Wiele, T. (1992), "The price of wasting time", The TQM Magazine, Vol. 4 No. 2.




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